Yes, there are a number of dedicated fishing bows that are compounds. Your sight mounting holes are used to mount a bottle type reel like an AMS or Cajun Winch. The stabilizer mounting hole on the front of the bow is used to mount spinner and wrap type reels. Lower power bows seem to work best as releases are difficult to use while bowfishing. I use cushions on the string and my bare fingers to release.

Bowfishing is hard on a bow, they get laid down in the boat or on the shore to get arrows out of fish so I wouldn't convert a high end compound to bowfishing.

There are some quite reasonable packages out there that might make more sense than converting a hunting bow.

I have one like this and it will get you on the water shooting fish for 100 dollars. I upgraded the reel to a Cajun Winch and use it for a back up and guest bow.

Amazon.com : Cajun Fish Stick Take-Down Bowfishing Bow Set Includes Drum Reel with Line, Roller Rest, Arrow with Piranha Point, and Blister Buster Finger Pads : Sports & Outdoors

 

I imagine this would ruin a laminate recurve, which is my non-hunting now. Do folks ever use a single bow for fishing and hunting?

 

I had a friend who tried to use a cheaper compound for bowfishing, but his string kept jumping off the cam for some reason. If you are on a limited budget try something like the PSE Kingfisher. If you want the cadillac get the E-Rad from AMS. My son started bowfishing at about 10 years old and we traded up in bows as he could pull more weight. Now uses the E-Rad bow and mops up on trash fish regularly